13 Nov 2013
DXY grinding sideways for going on a third straight session
FXstreet.com (Barcelona) - The US Dollar Index (DXY) has had some decent intraday swings over the last few days, but the net result has been an overall sideways / trading range move.
DXY may move on release of big British data and the 10-Year T-Note Auction
The DXY was on a nice roll leading up to the last few days of neutral action. Consolidations like the current on following a strong up move are typically bullish in that another nice up move typically follows. Only a break below the low of the recent trading range (at 81.01) would turn the outlook from ST bullish to ST bearish.
Technical outlook for the DXY
The DXY made it as high at 81.46 before pulling back a bit on Thursday. Friday, after the US jobs report surprised to the upside, the DXY managed to get close but failed to eclipse the Thursday peak. The first three downside targets are 80.52, 80.23 and 79.94 – all of which are meaningful Fibonacci retracements of the recent up move.
DXY may move on release of big British data and the 10-Year T-Note Auction
The DXY was on a nice roll leading up to the last few days of neutral action. Consolidations like the current on following a strong up move are typically bullish in that another nice up move typically follows. Only a break below the low of the recent trading range (at 81.01) would turn the outlook from ST bullish to ST bearish.
Technical outlook for the DXY
The DXY made it as high at 81.46 before pulling back a bit on Thursday. Friday, after the US jobs report surprised to the upside, the DXY managed to get close but failed to eclipse the Thursday peak. The first three downside targets are 80.52, 80.23 and 79.94 – all of which are meaningful Fibonacci retracements of the recent up move.